Dogecoin has shown a bullish momentum over the weekend, increasing by 31% and reaching $0.28, the highest price since November 2021.
Dogecoin Price Surge
Over the last month, Dogecoin has doubled its value, increasing by 155%. According to CoinGecko, the token has risen by 86% in the past week. However, the price remains below its all-time high of $0.71 set in May 2021.
Elon Musk's Role in Dogecoin’s Rise
Dogecoin's growth has been bolstered by several factors, including the activities of Elon Musk, the CEO of Tesla. During the U.S. presidential election, Musk rallied behind the Republican party, now elected candidate Donald Trump. Musk also hinted at forming a Department of Government Efficiency (D.O.G.E), which increased interest in the token.
Dogecoin Surpasses XRP in Market Cap
Dogecoin's market capitalization surged to $35 billion, surpassing XRP's $33.7 billion. If the trend continues, the token could soon catch up to USDC's $37 billion market cap. Open interest in Dogecoin futures is also nearing record highs, with open positions standing at 8.33 billion DOGE, worth about $1.8 billion at current prices.
Dogecoin continues to exhibit significant market volatility driven by various factors. Investors and traders are closely watching these developments.
